Press Release

Financial Health Analytics Firm Recognized for Decreasing Time Spent on Collections by 20% and Monthly Close by 40% with Sage Intacct

During a recent successful Series B funding round. we were able to manage working capital and cash needs through the process as well as effectively being able to conclude financial due diligence with our investors. Sage Intacct made it easy to quickly address Series B requirements, while minimizing the risk that we’d fall short in meeting requirements of our new investors.

ATLANTA – Oct. 18, 2018 –Sage (FTSE: SGE), the market leader in cloud business management solutions, today announced that Sage Intacct customer RapidRatings and its director of finance, Elliot Goldman, have been recognized with a 2018 Ventana Research Digital Leadership Award for the company’s implementation of Sage Intacct, a solution available in Sage Business Cloud. RapidRatings won the Office of Finance category, which recognizes the individual and company that best exemplifies leadership in the applications and technologies that support the office of finance.

RapidRatings uses Sage Intacct to gain deeper insight into investment spending and opportunities within the product roadmap, accelerate subscription billing and revenue recognition processes through automation, and eliminate cumbersome, manual workarounds. RapidRatings worked with Sage Intacct partner, Leap the Pond, and estimates the Sage Intacct solution paid for itself in under three months based on the business value delivered. Ventana Research selected RapidRatings as the winner after examining the company’s deployment of Sage Intacct. It evaluated the organization’s use of people and processes, information and technology, and the project's business impact and value.

“Sage Intacct and our partners, such as Leap the Pond, are focused on helping our joint customers leverage the industry’s best cloud financial management technology that support business growth,” said Ian Howells, Vice President and Head of Marketing, Sage Intacct. “This award is a well-deserved honor for Elliot and the entire finance team at RapidRatings and underscores the value Sage Intacct delivers in supporting an organization as it expands internationally and prepares for further funding.”

“Using software to manage cross-functional business processes in a continuous, end-to-end fashion makes organizations more efficient and improves their business performance,” observed Robert Kugel, Senior Vice President and Research Director at Ventana Research. “This is especially true for modern subscription businesses. We gave RapidRatings a Digital Leadership Award because of its use of Sage Intacct to enable the company’s sales and accounting teams to focus more on satisfying customers and growing the business by eliminating the need for manual data entry, as well as data checks and reconciliations.”

Transforming a Global SaaS Business with Data & Automation

RapidRatings’ disruptive approach of using sophisticated analytics to assess the financial health of both public and private companies showed its value during the 2008 global financial crisis, and the company has expanded quickly ever since.

Previously, the RapidRatings finance team spent considerable time on error-prone, Excel-based workarounds and keeping the company’s Salesforce CRM system up to date. Additionally, the QuickBooks software was unable to support RapidRatings’ quote-to-cash, invoicing, currency conversion, commissions, or revenue recognition needs. The finance team decided to switch to Sage Intacct’s cloud-based financial management solution to support the company’s increasingly complex reporting and budgeting needs.

“Sage Intacct’s real-time visibility and actionable insights are extremely valuable for monitoring how our capital is being spent and our foreseeable cash flow,” said Pete Tantillo, COO & CFO, RapidRatings. “During a recent successful Series B funding round. we were able to manage working capital and cash needs through the process as well as effectively being able to conclude financial due diligence with our investors. Sage Intacct made it easy to quickly address Series B requirements, while minimizing the risk that we’d fall short in meeting requirements of our new investors.”

Streamlined global consolidations: RapidRatings automated its global consolidations process across multiple international entities, which helped speed of the monthly close by 40 percent.

Consistent finance headcount despite growth: The business achieved consistent year-over-year top and bottom line growth while maintaining existing finance headcount.

Accelerated billing and revenue management: The firm is able to close billing and recognize revenue on the first day of every month. Invoices are distributed three times faster and the company has reduced days sales outstanding by 20 percent.

About Sage

Sage (FTSE: SGE) is the global market leader for technology that helps businesses of all sizes manage everything from money to people – whether they’re a start-up, scale-up, or enterprise. We do this through Sage Business Cloud – the one and only platform that customers will ever need, comprising Accounting, Financials, Sage Intacct, Enterprise Management, People & Payroll, and Payments & Banking.

Our mission is to free business builders from the burden of admin, so they can spend more time doing what they love – and we do that every day for three million customers across 23 countries, through our 13,000 colleagues and a network of accountants and partners. We are committed to doing business the right way and giving back to our communities through Sage Foundation. Find out more at www.sage.com/en-us.